Versace plans IPO: minority stake sale will come first

Italian fashion house Versace is allegedly planning

an initial public offering (IPO) of its shares in the midterm. The Milan-based company is aimed to float in the next three-five years yet it is keen to sell a minority stake to test the waters first.

“We decided to open a minority stake sale” before an initial public offering, Chief Executive Officer Gian Giacomo Ferraris said earlier in September in Macau, reported Bloomberg News. “We’re well on track for this,” he said, declining to specify Versace had started talks with potential investors.

Ferraris said in April the company could open to outside investors to fund growth, added Reuters that also quoted two sources close to the matter to have said that there had been no acceleration in the process of finding a partner for the company.

Versace remains family owned by late founder Gianni Versace's siblings Donatella and Santo and his niece Allegra, who inherited the fashion designer’s 50 percent stake.